Answer:
Countertops Unlimited Manufacturing Account for the year ended
Particulars Amount
Beginning material inventory $16,000.00
Less Closing Work in progress $30,000.00
(WIP) Inventory <u> </u>
Ending material inventory
-$14,000.00
Factory Overhead Cost
Material purchased $205,000.00
Direct labor $65,000.00
Indirect labor $20,000.00
Indirect material used $55,000.00
Factory rent $35,000.00
Utilities <u>$15,000.00</u> <u>395,000,000</u>
Total Manufacturing Costs <u>$381,000.00</u>
Answer: $11,200
Explanation:
Using the accounting equation:
(Total Assets) = (Total Liabilities) + (Total Capital)
So,
(Total Liabilities) = (Total Assets) - (Total Capital) (1)
Based on equation (1), in order to compute for the total liability, we need to compute the total assets and total capital.
At the end of the first year, the following are the assets Shapiro's consulting services (together with the amount):
Cash: $16,000
Office Supplies: $3,200
Equipment: $24,000
Accounts Receivable: $8,000
TOTAL ASSETS $51,200
Note that the total assets is obtained by adding the amount (or value) of the all the assets listed above.
Since the net income is an increase (or decrease if it's a net loss) of capital, we classify net income as capital. In particular, the net income of Shairo's at the end of first year adds to the capital at the start of first year.
Moreover, the withdrawal of money by the owner also decreases the capital.
Thus, the total capital at the end of first year is calculated as follows:
Capital (start of the year): $15,000
Net Income (end of year): $27,000
Withdrawal Amount: ($2,000)
TOTAL CAPITAL: $40,000
Note: ($2,000) means -$2,000. This notation is used in accounting.
Hence using equation (1), the total liabilities at the end of first year is given by
(Total Liabilities) = (Total Assets) - (Total Capital)
= $51,200 - $40,000
Total Liabilities = $11,200
Answer:
B. Blanket loan
Explanation:
According to my research on the different types of loans provided by banks, I can say that based on the information provided within the question the type of loan that Monty will need is called a Blanket Loan. This is because this is a type of loan that is given by a bank in order for an individual to be able to buy multiple pieces of real estate
I hope this answered your question. If you have any more questions feel free to ask away at Brainly.
Answer:
Sunderland Company should increase debt investment by $2,685.00
Explanation:
Sunderland Company needs to increase its debt investments account for Scott Company bonds with the difference between effective interest earned on July 1 2021 minus the actual coupon interest received as shown below:
The actual interest revenue earned = $1122375*12%
=$ 134,685.00
The coupon interest received=$1,200,000*11%
=$ 132,000.00
In a nutshell,the investment in bonds earned interest of $134,685 but only $132,000 was received in cash,hence the difference of $2,685 is added to the bonds investment figure($134,685-$132,000)
Answer:
Activity Rate for Setup = $18
Explanation:
Given
Activity Total Activity-Base Usage Budgeted Activity Cost
Setups 10,000 $180,000
Inspections 24,000 $120,000
Assembly (dlh) 80,000 $400,000
Activity Rate is calculated by: Budget Activity Cost/Activity Base Usage
Where Activity Base (for Setup) = 10,000
Budget Activity Cost = $180,000
So, Activity Rate for Setup = $180,000/10,000
Activity Rate for Setup = $18
Hence, the calculated activity Rate for setups is $18
